If your firm or department has struggled with employee turnover, my latest podcast will be of particular interest.
My guest, Cara Silletto, whose mother was actually a corporate accountant, is now a workforce retention guru. Her company, Crescendo Strategies, works with companies to reduce their employee turnover, and to bridge the generational gap within the workplace. (You can listen to our full conversation here (https://petermargaritis.com/s2e7/).
The hot topics Cara deals with certainly appear in our segment of the world: Accounting firms and corporate finance departments alike all deal with some of these same issues: Gaps in understanding between the millennial generation and Gen Xers or Baby Boomers. Constant turnover within their workforce. A judgment of millennials for not being “loyal” enough. The list goes on and on.
So how do managers in the finance world fix this? A little flexibility goes a long way. Gone are the days when employees were content with mandatory Saturday hours: Instead, employers are finding ways to empower their staff to make their own schedules.
“It’s not that they’re expecting any less out of their people, but they’re giving them the flexibility to bill those hours any time during the week,” Cara said. “If they want to pull later days, or come in on Sunday or Saturday night, work from home, wherever they can hit those billable hours, they can still do it. But they’re not requiring people to come in from nine to noon every Saturday morning anymore because you don’t have to do that.”
As a retention strategist, Cara gets plenty of calls from various companies: But the most common type of accounting firm or finance department she hears from are those who are “set in their ways,” who have policies that they haven’t revisited in years. They are the ones who call Cara and say, “We can’t recruit anybody.”
Put simply, the old way of doing things isn’t working any longer: Times have changed, and the next generation of workers isn’t loyal to a company, just for the sake of being loyal. Today’s workers stay in jobs where they feel appreciated, have scheduling flexibility, and see multiple avenues of promotion.
Flexibility is advancement is one lesson the accounting world can take to heart, maybe even more so than the others: Today’s employees aren’t necessarily going to stay at a firm for years on end, waiting for the day they’re promoted to partner. That’s why we have to be flexible with creating multiple avenues of advancement. Sometimes that means taking into account employees’ unique abilities and creating a position around those talents.
“I love when organizations create multiple paths for advancement,” Cara said. “You hear a title like senior advisor or something like that, which tells me that person is so good at what they do, but they probably shouldn’t be managing people, and that’s fine because they can still be promoted, and they can be a mentor or advisor for somebody else, or for a team, but they don’t have the direct responsibility of leading and managing others.”
Even for more entry-level employees further down the food chain, it’s important employers offer robust training opportunities. Today’s workforce won’t tolerate taking a job and then not being appropriately trained for it.
And important to remember, too: When you invest in your employees (whether that’s training, hiring, or retention efforts), you’re investing in your firm or department as a whole, too.